RBI- There will be no charge for transactions done through NEFT from January.

Business

RBI: In the new year, customers can get a unique gift from the banks. From January 2020, the customer will not have to pay any fees from banks for transactions done through NEFT.

Intending to promoting digital transactions on the third anniversary of demonetization, the Reserve Bank of India has introduced a proposal in this regard. The central bank has proposed to make necessary arrangements to use fast tags for parking and payment at petrol pumps.

Digital payments accounted for 96 percent of the total non-cash retail payments between October 2018 and September 2019. In the same period, the National Electronic Funds Transfer (NEFT) and Integrated Payment Interface (UPI) systems have generated transactions worth Rs 252 crore and Rs 874 crore, respectively. On an annual basis, their purchases have increased by 20 percent and 263 percent, respectively.

The central bank said in a statement, the reason for this significant increase in payment systems is that many steps have to be taken by the Reserve Bank in this regard. In such a situation, to empower every citizen for an exceptional payment experience, the Reserve Bank has instructed banks not to charge customers for online transactions made from savings accounts under the NEFT system.

Apart from this, the central bank also informed about getting the facility of payment with RuPay card in Bhutan. It is worth mentioning that on 8 November 2016, the government had taken the historic decision and closed the old notes of 500 and 1,000 rupees.

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